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Term insurance gives 'more choices than life insurance'
18 February 2008
Term insurance policies give customers more choice than life insurance, according to financial advisers.
As well as offering more variety than life insurance, term insurance is also usually cheaper, claimed Stuart Budgen of Libra Financial Planning.
He noted that being covered for the rest of their natural life is not necessary for some people, with mortgages being repaid before the end and children becoming financially independent.
"Term insurance is very good because it is cheap and it is for a particular term, and a lot of people don't need to be insured for the whole of their life," he said.
And once a policy is freed from having to last a whole lifetime, there are a variety of options that open up.
He said: "There are so many different types of term insurance as well. You can have one that increases or decreases over a certain period, one that pays out a regular income upon death – there are lots of different ways of doing it."
